The business scenario of Hong Kongs Hotel Industry Essay

The business scenario of Hong Kongs Hotel Industry - Essay Example This research will begin with the statement that Hong Kong offers a stable and efficient business environment to its entrepreneurs with modern infrastructural facilities along with technologies in order to cope up with the challenges of globalisation and industrialisation. In the year 1995, Hong Kong positioned itself as the eighth leading trading nation in the global world. Thus, most of the leading companies attempted to establish one of its franchisees in Hong Kong with the expectation that it might enhance its growth prospects and profitability as well. Moreover, the government of Hong Kong has adopted a strategy of non-intervention, which was also categorised as quite beneficial for any business entrepreneur to operate within the economy. In addition, the government of Hong Kong also offers a sound lawful and administrative support for improving the scope of its business environment to encourage foreign and national entrepreneurs. Thus, it can be avowed that the economy of Hong Kong offers high opportunities for growth and development of industries, in order to improve its image in the international business forefront. Hence, it can be clearly depicted that as Hong Kong is one of the rapidly developing and most promising international centres for trade, business and finance with less governmental intrusions. Notably, it is due to this reason that Hong Kong is now categorised as one of the feasible places for introduction of new business projects. 1.1 Background of the Study Hong Kong is one of the fastest developing nations among the Asia-Pacific regions and so it can prove beneficial for the introduction of a new business project. Apart from this, Hong Kong is often regarded as a feasible place for introduction of new businesses as it offers soaring quality of banking, insurance and proficient services along with hard working and skilled workforce. Moreover, it is also the main gateway to perform business operations in the market of China. This is because , China offers workers at a sustainable rate which is not only helpful for any business enterprise, but also tends to preserve the interests of the workforce. It is also a significant factor which helps in expansion of the business in the national as well as international context thereby augmenting growth and brand identity (Bingley, 2011). Hence, with due consideration to these factors, Hong Kong might prove to be the most efficient place for the introduction of a new business project. 1.2 Literature Review According to Lethbridge & et. al. (2000), the location of Hong Kong is becoming one of the most favourable places for performing business operations being influenced by varied factors such as low tax requirement, freedom of currency exchange in trade and being the Special Administrative Region (SAR) of China, which offers a stable political environment of any business project. Thus, the nation of Hong Kong is highly preferred by most of the reputed industries operating globally (Deloitte, 2012). In addition, about 300 Chinese organisations are listed in Hong Kong, with a